six years, home values up 5.5%. >> we haven't seen this in probably seven years. >> reporter: what has buyers lining up? in some cases, outbidding one another? those historically low interest rates, lows not seen since the early 1970s. 10 months in a row, housing prices going up, up most in phoenix, nearly 23%. this home in scottsdale, arizona, it was listed a year ago at $275,000. she waited until now and sold it after three days on the market. the price, $365,000, nearly $100,000 more than the value last year. also on the seller's side, there aren't many houses out there. many americans who want to sell simply won't yet. they need to wait for their home values to recover completely. many still under water on their mortgage. >> nobody wants to go to the closing table and pay the bank to get out of the house. everybody is waiting it out until the value of the home increases a little bit more. >> reporter: as they wait to sell, many builders are trying to keep up with demand. look at this image from boca raton, florida. sorry, too late. sold. doug smith, a builder in virginia, is checki
